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Vancouver, British Columbia, June 13, 2015 -- CanAlaska Uranium Ltd. "the Company"(TSX-V:
CVV;
OTCQB: CVVUF;
Frankfurt:
DH7N) is pleased to report that it has entered
into an Agreement with Bayswater Uranium (BYU) to terminate its
Collins Bay Extension ("CBE") project option. In consideration
for CanAlaska agreeing to terminate the Option, Bayswater will
issue CanAlaska 2 million common shares of Bayswater and a 2.5%
Net Smelter Returns Royalty (NSR).

CanAlaska previously had the right to earn a 70% interest, in
the project, however this Agreement facilitates a transaction
where Bayswater can enter into an agreement for the sale of the
property to Nu Nova Energy Ltd. ("Nu Nova"), a private British
Columbia company. Nu Nova will receive the right of first
refusal to purchase up to a 1.5% NSR from CanAlaska for $500,000
per 0.5% royalty after production is achieved.

CBE is located on the northeast margin of the Athabasca Basin.
The sale of the Collins Bay Extension property is subject to TSX-V
approval and is expected to complete within thirty days.

President Peter Dasler commented "We have been able to discuss
the potential of the Collins Bay Extension project with a number
of interested Asian based parties over the past 6 months. This
transaction presents good upside to CanAlaska, and offers
further investment interaction, while preserving our focus on
our core projects of West McArthur and Cree East with our
Japanese and Korean partners. We are eagerly awaiting the start
of new exploration on this project, and a resumption of drilling
on our nearby NW Manitoba project where an intense drill
program, utilizing two diamond drills is expected this summer."

Dr Karl Schimann, PGeo, a qualified person under National
Instrument 43-101, is responsible for the technical content of
this release.

CanAlaska Uranium Ltd. (TSX-V:
CVV;
OTCQB: CVVUF;
Frankfurt:
DH7N) holds interests in approximately 770,000
hectares (1.9 million acres), one of the largest land positions
in Canada's Athabasca Basin region -- the "Saudi Arabia of
Uranium". CanAlaska's strategic holdings has attracted major
international mining companies Mitsubishi, KORES and KEPCO as
partners at its core projects. CanAlaska is a Project Generator
and is positioned for discovery success in the world's richest
uranium district. For further information, visit
www.canalaska.com.

The TSX-V has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release:
CUSIP# 13708P 10 2.

Forward Looking Statements

This announcement contains "forward-looking statements" within
the meaning of applicable securities laws. Generally, these
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate",
or "believes" or variations of such words and phrases or state
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or
implied by such forward-looking statements, including but not
limited to those risks and uncertainties relating to the
Company's business disclosed under the heading "Risk Factors" in
its Annual Report on Form 20-F filed with the SEC on August 29,
2014 and its other filings with the SEC, which are available
online at www.sec.gov. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers
should not place undue reliance on forward-looking statements.
The Company does not undertake to update any forward-looking
statements, except in accordance with applicable securities
laws.

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